Yangzijiang's Q3 net profit falls 16% to 680.67m yuan

YANGZIJIANG Shipbuilding's net profit for the third quarter ended Sept 30, 2015, fell 16 per cent to 680.67 million yuan (S$150 million) from 811.19 million yuan a year ago.

This was in part attributable to a 42 per cent decrease in other income, and a significant 133 per cent increase in finance expenses.

The latter rose from 95 million yuan in Q3 2014 to 222 million yuan in Q3 2015, and was mainly due to a revaluation loss on US dollar borrowings as a result of yuan depreciation.

Revenue rose 10 per cent year-on-year to 4.14 billion yuan, on the back of a higher number of vessels delivered according to schedule in Q3, as compared to the same period a year ago.

Earnings per share came to 17.76 RMB cents, down from 21.17 RMB cents in Q3 2014.

No dividend was declared.